ITV takes control of GMTV after it buys Disney stake

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BELEAGUERED broadcaster ITV yesterday said it has taken full control of morning TV group GMTV, after buying the remaining 25 per cent of the company from Walt Disney for &pound;22.25m.<br /><br />ITV stumped up a one-off cash payment of &pound;18m for Disney&rsquo;s stake, topped up by a further &pound;4.25m representing the estimated value of the cash due to Disney following GMTV&rsquo;s results at the end of the financial year.<br /><br />ITV chief operating officer John Cresswell said: &ldquo;GMTV is the gateway to the ITV day and is a perfect fit with ITV&rsquo;s existing daytime programming. It represents an exciting opportunity to create a highly complementary daytime schedule offering great programming from 6 a.m. to 6 p.m.&rdquo;&nbsp; <br /><br />ITV said the acquisition forms part of its strategy to focus on its core activities and to allow closer integration between ITV and the breakfast service.&nbsp; It is likely to cut costs as it integrates GMTV, which draws an audience of around 5m viewers every morning.&nbsp; <br /><br />Peter Fincham, ITV&rsquo;s director of television, told GMTV staff yesterday that an editorial review would begin next week. A spokesperson for ITV said it remains unclear what changes will be made to programming.